South America Medical Device and Diagnostics Contract Research Organization Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and Services

South America Medical Device and Diagnostics Contract Research Organization Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and Services

  • August 2021 •
  • 115 pages •
  • Report ID: 6134430 •
  • Format: PDF
The medical device and diagnostics contract research organization market in SAM is expected to grow from US$ 552.30 million in 2021 to US$ 857.81 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028.

The CRO services industry is highly fragmented, with several hundred small and medium-sized limited-service providers, and a small number of large and full-service CROs.There are a few barriers for smaller CROs to enter the SAM market.

However, the full-service CROs require efficient infrastructure with an ability to simultaneously manage multiple complex testing services across numerous geographies, establish the requisite relationships with strategic partners, and develop relevant therapeutic and expertise to meet the needs of end users.Over the past few years, consolidation across the industry is an emerging trend followed by most of the prime players to strengthen their service offerings and garner the major market share in the SAM medical device & diagnostics contract research organization market.

For instance, PAREXEL International Corp. acquired The Medical Affairs Company in 2017. This has led to the generation of larger CROs with wide geographic diversification, extensive therapeutic and development expertise, enormous capital and technical resources to manage the demanding drug development programs, medical device designing and research, and regulatory affairs for pharmaceutical and biopharmaceutical companies. Additionally, the clinical trials tally is rising, which is expected to fuel the demand for medical device and diagnostics contract research organizations in SAM.

Based on type, the infectious diseases segment is expected to be the fastest growing during the forecast period for SAM region.Infection control is associated with the development and production of sterilization equipment, cleaning and disinfection equipment, and protective barriers, among others.

In today’s busy healthcare facilities such as hospitals and clinics, disinfection practices can be time-consuming, inefficient, and costly.Therefore, new market players are entering this market segment and making developments.

For instance, Sterifre Medical raised US$ 8 million for developing innovative disinfection and sterilization technology to meet the need for rapid, point-of-care device disinfection in healthcare facilities.Sterifre’s patented technology, Aura, is a compact one-touch system that treats multiple organisms on hard-surface tools that are used in doctors’ clinics and hospitals.

Such developments are anticipated to drive the infectious diseases segment.

The countries in this region are developing in terms of the healthcare and medical service industry.The majority of the countries are highly dependent on medical devices imported from developed countries.

Owing to the COVID-19 pandemic, the supply chains were severely disrupted.Therefore, these countries have faced several challenges with their requirements for medical devices and diagnostics contract research organizations.

Health authorities are worrying that attempting to fight the coronavirus will indirectly contribute to an increase in deaths of ill patients, including heart patients, gynecology patients, and other causes.Countries such as Brazil, Argentina, Colombia, and others were severely hit by the pandemic.

Although, the supply chains were revived by the end of 2020 once the COVID cases were reduced in various parts of the world. These factors, thus, encouraged the growth of the medical devices and diagnostics contract research organization market in SAM.

The overall SAM medical device and diagnostics contract research organization market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the SAM medical device and diagnostics contract research organization market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the SAM medical device and diagnostics contract research organization market. Charles River Laboratories, Inc; ICON PLC; IQVIA; North American Science Associates, Inc.; PAREXEL International Corporation; Proxima Clinical Research, Inc.; and Qserve Group B.V. are among the key players operating in the medical device and diagnostics contract research organization market.
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